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 International Review of EconomicsJournal Prestige (SJR): 0.21 Number of Followers: 4      Hybrid journal (It can contain Open Access articles) ISSN (Print) 1863-4613 - ISSN (Online) 1865-1704 Published by Springer-Verlag  [2467 journals]
• Two types of cultural economics

Abstract: Abstract Modern economics includes two fundamentally different fields, but identically labelled ‘Cultural Economics’. The first type deals with cultural institutions in a specific sector of the economy and society: the performing arts, visual arts, and other forms of cultural industry. The second type analyses how culture influences the economy in the form of shared beliefs, norms, and preferences. The two types of Cultural Economics largely disregard each other. This paper argues that their mutual existence should be acknowledged and possible relationships between the fields should be analysed. Future interconnected research opportunities are suggested.
PubDate: 2022-11-25

• Cognitive ability and economic growth: how much happiness is optimal'

Abstract: Abstract The cognitive human capital approach assumes that cognitive abilities (CA) enable societies to be innovative and competitive and to achieve higher productivity and prosperity. However, does happiness enhance the effect of CA on economic growth' Our study views happiness as an intrinsic motivator that helps workers be more productive and get the most out of their CA. Regression analyzes using two different measures for CA showed strong evidence that CA generated economic growth from 1960 to 2017, even though it interacted negatively with happiness. These results were found to be robust after controlling for endogeneity bias using instrumental variable for happiness. In addition, the threshold regression analyses revealed significant evidence that the relationships between CAs and growth vary according to happiness levels. Two prominent ranges of threshold were established: γ1 = 4.75–4.96 and γ2 = 6.16–6.43 on the 0 to 10 happiness scale. Accordingly, the effects of CA were smallest in very unhappy countries (happiness < γ1), strongest in fairly happy societies (happiness of γ1 − γ2), and moderately strong among the happiest countries (happiness ≥ γ2). In summary, the pursuit of highest productivity growth seems to require an optimal level of happiness, where moderate level of happiness (likely indicative of existence of higher motivation with little emotional distress) could inspire and drive people to fully utilize their cognitive capital and achieve high economic growth.
PubDate: 2022-10-26

• Ethnic diversity and poverty: the role of institutional quality

Abstract: Abstract The main objective of this study is to analyze the role of institutional quality in the effect of ethnic diversity on poverty. The empirical analysis covers a sample of 96 countries. The main results obtained using the Ordinary Least Square and Two-Staged Least Square approaches show that ethnic diversity has a positive effect on poverty, but the extent of this effect depends on the quality of institutions. Ethnic diversity contributes significantly to the increase in poverty in countries with poor institutional quality, while in countries with good institutional quality, its effect is not significant. When the quality of institutions is poor, ethnically diverse countries generally experience major problems of inequality arising from discrimination, social exclusion, and social polarization. One of the main consequences of these problems is the increase in poverty. As a key policy implication, policymakers in ethnically diverse countries should improve the quality of their institutions as a priority to address the issue of poverty.
PubDate: 2022-09-30

• (A)symmetry effects of climate changes on economic growth: a panel data
analysis

Abstract: Abstract This paper examines the (a)symmetry effects of climate changes on economic growth in 179 countries using panel data over the period 1990–2020. The findings of the linear ARDL model reveal that average changes in most of the climate indicators have detrimental effects on economic growth, whereas mean sea level pressure contributes positively to economic growth during the examined period. Similarly, the influence of extreme values of climatic indicators in the form of minimum temperature, maximum precipitation, and natural disasters dummy used for the flood, drought, storm, and sea-level rise on economic growth is detrimental. Yet, the findings reveal that minimum precipitation significantly enhances economic growth. We also show that both positive and negative mean deviations of temperature and precipitation cause significant reductions in economic growth. Finally, asymmetry effects were also found while investigating the effects of climate change on the economic growth of 6 continents and three regions of 3 major continents.
PubDate: 2022-09-15
DOI: 10.1007/s12232-022-00406-3

• The financial literacy of individuals declared insolvent in the courts in
Portugal in 2020

Abstract: Abstract Today’s society is characterized by the globalization of financial markets with the growing supply and complexity of financial services and by the social changes associated with the evolution of marketing that stimulates consumption. In this scenario, the consumer adheres to a multitude of financial modalities, often without a knowledge of their effects and consequences. Thus, financial literacy today assumes a central and preponderant role in the life of any individual, with consequences not only at the individual level, but also at the level of society, the economy and the financial system. The objective of this study is to analyze the degree of financial literacy of families declared insolvent in the judicial courts of Portugal in 2020 and to know the factors that contributed to this situation. A Similar analysis was never performed. The results indicate that the interviewees affirm that it is important to control the family budget, but they do not present behaviors that corroborate this affirmation. In general terms, they reveal a low degree of financial literacy, which explains the insolvency of the respondents. The main factor that contributed to insolvency was incurring expenses without considering whether they had the financial capacity. The results suggest that public authorities should take measures for the financial literacy of the population, particularly among young people, to reduce the harmful consequences of insolvency.
PubDate: 2022-09-06
DOI: 10.1007/s12232-022-00407-2

• Regional gap in students’ performance at the quantiles

Abstract: Abstract The average math score in Italy sizably improved in 2009. The quantile regression analysis shows that the determinants of the improvement are related to school resources. The decomposition at the quantiles shows that school characteristics are relevant in the north-center regions. In the south are relevant both covariates and coefficients. The coefficient component is unexplained by the model and is linked to changes in students' attitude, to a more favorable disciplinary climate. The southern regions gap decreases but does not disappear. The improved southern students’ attitude toward school, if supported by improvements in school characteristics, could further reduce the regional gap.
PubDate: 2022-09-05
DOI: 10.1007/s12232-022-00404-5

• Internalizing environmental damages and endogenous reimbursement in
environmental conflicts: a game-theoretic analysis

Abstract: Abstract Environmental contest models typically make two standard assumptions, reimbursement rates and environmental damages are exogenously determined. Previous research that makes these assumptions conclude the equilibrium total effort level with reimbursement is greater than if reimbursement is disallowed. Assuming a regulator determines reimbursement rates and a firm controls environmental damages, this research finds different results, some counter to previous studies. A regulator can obtain reimbursement rates that minimize the social cost as the sum of environmental damage and abatement cost. In particular, we show that the reimbursement rates can induce the environmental conflicts to go to settlement. We also show that even if environmental conflicts go to trial, asymmetric reimbursement can reduce the total effort level caused by the conflicts as well as the total social cost as the sum of the social cost and the expected loss of the firm minus the expected payoff of the citizens’ group caused by the conflicts.
PubDate: 2022-09-02
DOI: 10.1007/s12232-022-00405-4

• Markets, merit and the dignity of labour

Abstract: Abstract In The Tyranny of Merit, Sandel recasts the discontent expressed in populism as a rejection of market morality and as an inarticulate plea for the restoration of civic virtue. He argues that a ‘market-based globalisation project’ has fostered meritocratic ideas which humiliate the victims of that project and undermine the dignity of labour. I question Sandel’s claim that meritocracy is a market value and the dignity of labour is not. I argue that his account of a moral alternative to normal market institutions—an economy in which individuals’ rewards are somehow aligned with their true merits—is deeply incoherent.
PubDate: 2022-08-08
DOI: 10.1007/s12232-022-00402-7

• Factors influencing work-satisfaction of global garments supply chain

Abstract: Abstract The purpose of this study is to assess different factors under the Bangladesh labour legislation for promoting work-satisfaction of the global garment workers in Bangladesh. A convenient sampling technique was used for collecting 208 employee responses through a five-point Likert scale structured questionnaire. The respondents were garments-manufacturing industry workers working in three hot spots known as towns of Savar and Ashulia (Dhaka District) and Gazipur Sadar (Gazipur District). The survey was conducted between November and December, 2019. This research study finds that seven factors significantly influence work-satisfaction of garment workers in Bangladesh. Among these, four are related to the non-pecuniary factors: supervisory treatment of the workers, working environment, hygienic canteen facility, and medical facility. The three other factors, namely, the amount of salary, timely payment of salary and increment policy for the workers, play a significant part in workers’ satisfaction. This study helps in assessing the opinions of the workers about their work-satisfaction as well as policy planning for the development of the garments-manufacturing industry. Also, this study will add value to the setting of South Asian developing countries and industries because of the similar socio-economic environment to Bangladesh.
PubDate: 2022-08-08
DOI: 10.1007/s12232-022-00403-6

• Institutions and export performance: firm level evidence from Kenya

Abstract: Abstract This study sought to examine how institutions shape export performance using Kenyan data. The left-censored random-effects Tobit and the random-effects Generalized Least Squares (GLS) estimators were applied on panel data obtained from World Bank’s Enterprise Surveys covering 2007, 2013, and 2018. Using a vector of institutional variables touching on the efficiency of the court system, access to trade finance, tax inspections, bribes during tax inspections, on-the-job trainings, customs regulations, quality certifications, informal competition, operating licenses, and trade permits, the results indicate that specific institutions on quality certification, trade finance, and on-the-job trainings are associated with improvement in export performance while bureaucratic tax inspections dampen prospects from export trade. The findings are robust as the coefficients from the Tobit estimator are reinforced by those from the GLS estimator. These findings constitute an original attempt to examine the interlink between institutions and export performance with specific focus on the Kenyan context. Pertaining the trade environment, the findings point towards a need to enhance institutional capacity, undertake reforms of export-related institutions, invest towards a national quality infrastructure, and entrench self-regulation not only in Kenya, but also among other developing countries.
PubDate: 2022-08-01
DOI: 10.1007/s12232-022-00401-8

• The effect of income on health: evidence from the poverty gaps analysis
method in the sub-Saharan Africa

Abstract: Abstract This paper examines the income gradient in health in the sub-Saharan Africa (SSA) using aggregate data. The paper contributes to previous methods by: (1) measuring health poverty and income poverty across the SSA countries; (2) highlighting dynamics and subgroup composition of health poverty relative to sex and income poverty; (3) testing the extent to which health poverty is related to income poverty. Using data from the World Development Indicators over the period from 1980 to 2017, we apply the Foster-Greer-Thorbecke approach at the national level to calculate health and income poverty indicators across the SSA countries. The Granger panel non-causality model and panel error-correction-based cointegration tests are used to analyse the relationship between gaps in health poverty and income poverty. Our study finds that health poverty chronically and temporally occurs among SSA countries, with the female population worse off overall. In most cases, the Granger model finds that income poverty causes health poverty at the national level. Our most important findings highlight that health poverty and income poverty are dynamically and structurally strongly correlated where causality flows from income poverty to health poverty with no cross-country dependence. Our method’s findings support the income gradient in health which is usually demonstrated using health outcome and income outcome relationships. The results highlight that policies aiming to reduce health poverty may focus on income poverty.
PubDate: 2022-07-28
DOI: 10.1007/s12232-022-00397-1

Abstract: Abstract Easterlin notes a contradiction in the data. While the cross-sectional data set shows that happiness is a positive monotonic function of income, the time-series data set of high income countries demonstrates that happiness does not rise with the rise of income. To solve the paradox, this paper proposes that each data set reveals a different facet of happiness. The cross-sectional data set asks people how they assess their current well-being in general. This question prompts people to contrast their current well-being with a well-being in the distant past. This explains why happiness tracks income. In comparison, the time-series data ask people how they feel at the moment. This question prompts people to contrast their current well-being with an aspired goal in the future. Their response is a function of the gap that exists between their current well-being and the aspired one. The gap is usually steady for high income countries and, hence, happiness is likewise steady, i.e., insensitive to the rise of income. The proposed solution highlights the operation of contextual assessment: we have two facets of happiness following the two kinds of context in operation.
PubDate: 2022-07-22
DOI: 10.1007/s12232-022-00398-0

• Networks of solidarity economy, tools for local development and social
innovation

Abstract: Abstract The article analyzes the capability of enterprises and social enterprises (as reported by Borzaga and Fazzi (Le imprese sociali, Carocci Editore, Roma, 2011); as reported by Drapery (Comprendre l’économie social, Dunod, Paris 2007)) in promoting local sustainable development, starting from the organization of alternative agro-food networks Renting et al. (Environ Plann 35:393–411, 2003). The analysis starts from a case study of 40 solidarity purchasing groups of solidarity economy in Italy. In particular, the article focuses on the solidarity economic network “REES Marche”. Meanwhile, solidarity purchasing groups (SPGs) in the literature have been studied under the perspective of consumers, even those of the Marche Orazi (DES.so. Economia solidali e cittadini consapevoli, Cattedrale, Ancona, 2011), this article means to go ahead underlining also the perspective of producers. The analysis of data raises up 4 types of possible organizations linked to solidarity purchasing groups, with different levels of social innovation in promoting a sustainable development. Results show that a sustainable local development is enhanced by a thick social cooperation among enterprises into a network, as, for example, that of SPGs. Moreover, it is promoted by a reorganization of the productive chain on local, ecological and ethical basis that directly impacts on production and consumption of fair products. Furthermore, the article shows that the direct relationship among entrepreneur and consumers stimulates a social innovation in solving problems. We use a mixed method approach: a quantitative analysis of statistical data on the web site of REES Marche; a qualitative analysis based on participatory observation and on data collected through 34 in-depth interviews with network’s members.
PubDate: 2022-07-22
DOI: 10.1007/s12232-022-00399-z

• Do institutions matter for economic growth'

Abstract: Abstract Using a unique dataset assembled from several sources, we examine the effects of democracy, corruption, and economic freedom on economic growth for over one hundred countries. To allow for heterogeneous effects, we use a quantile regression approach. Our results support some findings in the literature, but also provide some new conclusions. In many cases, quantile regression estimates are quite different from those from GMM. We find that the positive effect of democracy is lower for the countries with a higher growth rate of GDP per capita, which may sound counter-intuitive to conventional wisdom. Likewise, we find that corruption “sands the wheels” (“greases the wheels”) for the lowest (highest) GDP per capita growth countries. Economic freedom shows a positive effect on GDP per capita growth rate. Our results suggest that since democratic status is hard to change in the short run, certain current corruption control measures as well as economic freedom adjustment policies may be reconsidered, especially among the fastest and slowest growing countries.
PubDate: 2022-07-20
DOI: 10.1007/s12232-022-00400-9

• Abilities and the structure of the firm

Abstract: Abstract In this paper, we enhance the production games approach introduced by Hiller (Manag Decis Econ 40(5):520–525, 2019) with aspects from a recent article by Morelli and Park (Games Econ Behav 96(1):90–96, 2016), to analyze how abilities of employees influence the structure and the wage scheme of the firm. The analysis is done within the framework of cooperative game theory. Concretely, we apply the coalition structure approach and the $$\chi$$ value (Casajus in Games Econ Behav 65(1):49–61, 2009).
PubDate: 2022-05-19
DOI: 10.1007/s12232-022-00394-4

• Commodity price volatility, inflation uncertainty and political stability

Abstract: Abstract The study examines the effect of fluctuations in prices of key internationally traded commodities, inflation, inflation uncertainty and macroeconomic uncertainty on political stability among emerging economies in Sub-Saharan Africa using panel data from 1996 to 2019. Empirical analysis examining the relationship in question is performed using pooled ordinary least squares with Driscoll and Kray (Rev Econ Stat 80(4):549-560, 1998) standard errors. Estimated results suggest that volatility in prices of crude oil, copper, and coal exert significant negative influence on political stability among economies in the sub-region. Further empirical estimates show that volatility in exchange rate denominated price of gold and natural gas on the international market have significant positive impact on political stability among economies in the sub-region. Our analysis additionally suggest that regulatory quality positively moderates the extent to which volatility in the price of copper ultimately impact political stability, but moderates negatively, the extent to which volatility in prices of gold and coal affect political stability among economies in the sub-region.
PubDate: 2022-05-12
DOI: 10.1007/s12232-022-00395-3

• Corporate social responsibility and endogenous competition structure in an
industry composed of firms with biased managers

Abstract: Abstract In this study, we revisit the endogenous choice between price and quantity contracts in a duopoly composed of asymmetric firms engaged in corporate social responsibility (CSR) with possibly biased managers. We find that Cournot competition can change to an equilibrium competition structure regardless of the degree of homogeneity between the goods produced by them and the degree of importance of their CSR. Furthermore, we show that Bertrand competition, in addition to Cournot competition, can be observed in equilibrium when the degrees of importance of CSR between firm owners are sufficiently asymmetric with each other. This result is supported by the manipulation of the types of managers with respect to the biased scale of the demand size in the market by their owners when the degree of importance of their CSR changes.
PubDate: 2022-04-25
DOI: 10.1007/s12232-022-00393-5

• Decomposing the effects of digitalization on workers’ job
satisfaction

Abstract: Abstract This paper provides novel results on the relative importance of multiple channels through which digitalization affects job satisfaction. Using part-time students and graduates of professional education and training colleges in Switzerland as a case study, we investigate the relative strength of ten different channels. We find that the association between digitalization and job satisfaction is positive on average. This relationship is mainly due to the increase in productivity and more interesting work. Heterogeneity analyses on subsets of workers suggest that the effect through increasing productivity is more beneficial for women, for older workers, for workers without an executive position, and for workers who did not study in technology-related fields. The effect through the interestingness of work is larger for males and for older workers. Our results further suggest that among the channels that decrease job satisfaction, increase of time pressure and worsening of work-life balance are much more important than the threat of losing one’s job. Both channels are more relevant for men, for older workers, and for workers whose field of study is technology-related.
PubDate: 2022-04-17
DOI: 10.1007/s12232-022-00392-6

• Optimism, pessimism and life satisfaction: an empirical investigation

Abstract: Abstract This is an empirical investigation into life satisfaction, using nationally representative German panel data. The study confirms with modern econometric techniques the previously found substantial association with an individual’s thoughts about the future, whether they are optimistic or pessimistic about it, with life satisfaction. In addition, the investigation demonstrates that the association holds when some possibly anticipated events (like, for example, divorce and unemployment) are controlled for. Furthermore, including individuals’ optimism and pessimism about the future substantially increases the explanatory power of standard life satisfaction models. The effect size is greater for individuals who report being pessimistic than that for well-understood negative events like unemployment. These effects are attenuated though do remain substantial after controlling for the following: individual fixed effects; statistically matching on observable variables between optimistic and pessimistic individuals; and addressing the potential endogeneity of optimism and pessimism to life satisfaction.
PubDate: 2022-03-14
DOI: 10.1007/s12232-022-00390-8

• Economic benefits of immigration for natives: the effects of immigrants
through the school system

Abstract: Abstract Immigration can have indirect negative effects, such as the additional burden of providing education to immigrant children who may need more support than native children to master the culture, customs, and language of the host country. This also leads to a transition of labor from the consumption sector to the education sector and a change in the number of children through the costs of education. Thus, using an overlapping generation model, we examine the effects of immigration on the welfare of the native population with the burden of providing schooling to native and immigrant children with endogenous fertility rates and endogenous unemployment rates. The results indicate that immigration may improve the welfare of the native population when the number of educators required for immigrant children is sufficiently low. Moreover, whether immigration improves the welfare of the native population depends not on the productivity of immigrants but on the increment in the number of educators caused by immigration.
PubDate: 2022-03-03
DOI: 10.1007/s12232-022-00388-2

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